All You Really Needed Was the Yield Curve
It is absolutely amazing the lengths people will go to in order to deny the most straightforward and obvious explanation; to torture and twist plain evidence. That’s the thing about rationalizing, though. The narrative usually [...]
China Repo: Vulnerability or Bottleneck, Risk Aversion and Collateral
Toward the end of June, Chinese RMB money markets seemed like they had weathered the worst of it. One month earlier, in late May, regulators had seized Baoshang Bank Co. sending waves of uncertainty rippling [...]
It’s Time to Tell the Truth – Advisor or Broker
I’ve been telling you for a while that some people who bill themselves as financial advisors are really financial salespeople, which begs the question, “Are they really acting in your best interest?” Apparently, the federal [...]
Factoring the Lumps in the (global) Slump
The British manufacturing sector pulled the English economy into contraction for the first time since 2012. Real GDP declined by 0.2% Q/Q in the second quarter of 2019, another minus sign to add to the [...]
Eurodollar University: With Each Passing Year, August 9 Becomes More Not Less Important
The anniversary actually seems more poignant with each passing year. You would think it would be easy to get used to it, or at least become numb and normalized for the deep inflection it had [...]
The Myth of CNY DOWN = STIMULUS Won’t Die
On the one hand, it’s a small silver lining in how many even in the mainstream are beginning to realize that there really is something wrong. Then again, they are using “trade wars” to make [...]
Wholesale, Inventory, And The Raised Risk of Recession
Any recession still retains its inventory roots. Back when manufacturing ruled the US economy, an unanticipated buildup would be all it took to trigger one. Goods would begin stacking up on the wholesale level once [...]
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